Heitman Real Estate Securities LLC

Item 5 - Fees and Compensation
Asset Management Fees

As compensation for its investment advisory services, the Firm is normally entitled to an annualized portfolio
management fee, which is usually calculated and paid as a percentage of assets under management. In some
instances, the Firm earns additional fees based on investment performance results (also referred to as an
incentive fee). For additional information, please refer to the “Performance-Based Fees” section (Item 6).

Management Fees for Separate Account Clients.

To the extent that Heitman has established asset-based investment advisory fees for the strategies it offers, the
schedule below is the fee schedule Heitman generally employs. However, fees for certain accounts may fall
outside of the stated range. Heitman may amend its fee schedule in accordance with the terms of its advisory
contracts.

                       Investment Strategy                                  Annual Fee (USD)
                                                            0.65% on the first $25 million
                                                            0.50% on $25-$100 million
    US Real Estate Securities Total Return
                                                            0.45% on $100-$250 million
                                                            0.40% over $250 million

©2026 Heitman LLC. All rights reserved.                                                                       7 of 29

Part 2A of Form ADV: Firm Brochure

                                                            0.65% on the first $25 million
                                                            0.60% on $25-$100 million
    US Real Estate Securities Focused
                                                            0.55% on $100-$250 million
                                                            0.50% over $250 million
                                                            0.65% on the first $25 million
                                                            0.50% on $25-$100 million
    US REIT Asset Value Growth
                                                            0.45% on $100-$250 million
                                                            0.40% over $250 million
    US Preferred REIT                                       0.51%
                                                            0.65% on the first $25 million
                                                            0.55% on $25-$100 million
    Global Real Estate Securities                           0.50% on $100-$250 million
                                                            0.45% over $250 million

                                                            0.80% on the first $25 million
                                                            0.70% on $25-$100 million
    Global Real Estate Securities Concentrated
                                                            0.60% on $100-$250 million
                                                            0.55% over $250 million
    European Tactical Income                                0.50%
    Global Prime                                            0.30%

Advisory fees may vary. Asset management fees are negotiated on a client-by-client basis. Client requirements,
and other facts and circumstances are considered in determining the fee schedule. These include, but are not
limited to, the inception date of the account, the complexity of the client mandate, amount of assets to be placed
under management, anticipated future additional assets, related clients, portfolio style and composition, types of
securities held, portfolio customization and the nature of reporting requested, among other factors.

The asset-based fees that the Firm receives from model portfolio providers, sponsors or third parties to whom
the Firm licenses its strategies are separately negotiated with each party.

The terms and conditions, including fees for services, are mutually agreed to with clients prior to entering into
the IMA and are paid quarterly in arrears. The Firm’s customary practice is to provide quarterly invoices to the
client, or other party, as directed by the client. Such fees are typically paid to the Firm through the custodian or
other client designee. Upon termination of any IMA, any unearned fees will be promptly refunded, and any earned
but unbilled fees will be invoiced.

The Firm may group certain related client accounts for the purpose of determining the annualized fee. Clients
should note that similar advisory services might be available from other registered (or unregistered) investment
advisers for lower fees.

©2026 Heitman LLC. All rights reserved.                                                                       8 of 29

Part 2A of Form ADV: Firm Brochure

Product-Specific Fees. The Firm provides investment advisory services to the Trusts. The fees paid to the Firm
are disclosed in their applicable offering documents. The Firm also provides sub-advisory services to one or
more registered investment companies at terms and conditions including fees for services mutually agreed to
with those advisors. Fees paid by these funds for investment advisory services are described in each fund’s
prospectus.

General Information
Additional Fees and Expenses. In addition to the Firm’s advisory fees, clients are also responsible for the fees
and expenses charged by custodians and imposed by broker dealers and/or local exchanges, including, but not
limited to, any transaction charges imposed by a broker dealer with which an independent investment manager
effects transactions for clients’ portfolios. These charges, fees and brokerage commissions are exclusive of, and
in addition to, the Firm’s advisory fees. The Firm shall not receive any portion of these commissions, fees, or
charges, except for research or brokerage products and services as permitted under the safe harbor of Section
...

Item 7 - Types of Clients
The Firm may provide advisory services to many types of US and non-US domiciled clients including affiliated
investment advisers, government pension and retirement plans, corporate pension and retirement plans,
registered investment companies, pooled investment vehicles, sovereign wealth funds, and separate account
portfolios managed for institutional entities. The Firm also has arrangements with other advisory firms pursuant
to which the Firm has discretionary authority to make investment decisions but is acting not as the primary
advisor to the client, but rather in a sub-advisory capacity. The Firm or its affiliates serve as the investment
manager or sub-adviser to mutual funds, collective investment, open-ended and finite-term unit trusts and funds
formed pursuant to the laws of various jurisdictions.

©2026 Heitman LLC. All rights reserved.                                                                       10 of 29

Part 2A of Form ADV: Firm Brochure

Minimum Account Size
The minimum dollar amount for establishing a separate account is generally as follows:

           Investment Strategy                                         Minimum Portfolio Value
           US Real Estate Securities Total Return
           US Real Estate Securities Focused
           US REIT Asset Value Growth
           US Preferred REIT
                                                                  $10,000,000
           Global Real Estate Securities
           Global Real Estate Securities Concentrated
           European Tactical Income
           Japan Real Estate Securities Total Return
           Global Prime                                           $50,000,000

The foregoing minimum portfolio amounts can be waived by the Firm in its discretion to permit smaller
investments.